No major action post the policy, expect some consolidation now: Angel Broking

Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"Today, we saw our markets opening with a mildly positive bias owing to favorable cues from the global peers. Subsequently, index remained within a narrow range just ahead of the RBI policy due to minor profit taking at higher levels. However, post the announcement, the index corrected by a small margin as the outcome (25bps cut in Repo rate) from the event was very much in line with general consensus.

Now, the much awaited trigger of this policy is gone and index has already hit new record highs with a massive velocity. Going ahead, if market has to extend this rally, it would look for some other cues may be on domestic or global front. But, we continue to mention that the index now needs some kind of a breather to maintain its multi-year bull run. We expect the index to consolidate first in a slightly narrow range of 200 - 250 points. As far as levels are concerned, 10150 remain to be an immediate hurdle; whereas, on the downside, 10030 - 9944 would be seen as immediate and important support levels. At this juncture, a prudent strategy would be to stay light on positions and concentrate more on individual stocks."

Source : Equity Bulls

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